I only discovered my money hook at the beginning of last year and, truly, it has never been skunked (yet!). It will catch pike and walleye (and I assume perch if they were big enough to hit it). If you jig it ice fishing it will attract pike, whitefish, bourbot and walleye. I even ended up unintentionally snagging a bourbot in March.
The best/worst thing about it, however, is the "sure set" hook on the front treble hook. It lives up to its name, but can be problematic relasing fish (especially small pike) as it tends to get lodged deep in the mouth or even in the gills. Because of its unusual shape, it can be tricky to remove. Often times, in trying to release the fish, it will break off or have to be cut off. I find this decreases the number of hooksets, but not signifcantly. I've also found simply replacing the front treble solves the problem.
I find the best technique is trolling or casting and retrieving at a relatively fast speed. A speed increase will increase the effectiveness of the hook, regardless of the depth.
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